Nigeria in 1min: Economic, Business & Financial Headlines – 280617

PROSHARE ECONOMYBudget Deficit Financing Gains Transaction as DMO Raises N850bn - The financing of the 2017 federal government budget deficit may have little challenge as the Debt Management Office (DMO) have raised almost half of the amount required from the domestic market to finance. Source Thisday Read More

Nigeria’s major non-oil exports fall - In spite of the Federal Government’s push for foreign exchange through the non-oil export, Nigeria’s major export products are losing steam in the global market, according to BusinessDay analysis of data from the International Trade Centre (ITC). Source BUSINESSDAY Read More

Maize prices rise 83% on the back of armyworm invasion - The continued devastation by armyworms of the nation’s maize crop, a key input in many manufacturing companies and the poultry industry, has pushed maize prices to a one year high, say farmers.Source BUSINESSDAY Read More

Sale Prices for Second-hand Private Jets Fall By 35% - Billionaires and larger corporates have had tens of millions of dollars wiped off the value of their business jets, as massive oversupply in the run-up to the 2008-2009 credit crisis in Europe has left the industry awash with pre-owned aircraft. Source Thisday Read More

FG fails to implement 18% pension contribution for workers - Three years after the Pension Reform Act, 2014 mandated public and private sector organisations to increase the minimum pension contribution of both employers and employees to the Retirements Savings Account of workers from 15 per cent of the total monthly emolument to 18 per cent; the Federal Government has yet to comply with the law. Source Punch Read More

Motorists lose N2bn monthly on Lekki-Epe road – Many motorists are guilty of lane indiscipline, a major cause of highway gridlock that is costing the nation a huge loss, the Founder, Safety Beyond Borders, Mr. Patrick Adenusi, has said. Source Punch Read More

National Assembly lacks power to insert new projects into budget –SANs - Human rights lawyer, Mr. Femi Falana (SAN), on Tuesday, faulted the claim that a Federal High Court in Abuja had, last year, affirmed the power of the National Assembly to increase budgetary estimates submitted to it by the President. Source Punch Read More

Remarks To The SEC Investor Advisory Committee - Let me begin by thanking all of you for your service on this Committee. I know you all have very busy schedules. I am grateful that you have taken the time to contribute your knowledge and expertise on behalf of investors and our markets. Source Proshare Read More

NSE approves delisting of Ashaka Cement - Authorities of the Nigerian Stock Exchange (NSE) have approved the delisting of Ashaka Cement Plc from the Exchange, paving the way for the subsidiary of Lafarge Africa to revert to a private limited liability company. Source THE NATION Read More

Julius Berger eyes oil, power deals to curb Nigeria risk - Julius Berger Nigeria Plc the largest construction company by market value in the West African nation, plans to acquire oil assets and expand into the power industry, as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. Source BUSINESSDAY Read More

Coronation to float IPO for N400m fixed income fund - Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, has received regulatory approval to float an initial public offering (IPO) to raise N400 million for a new mutual fund. Source THE NATION Read More

BoE orders banks to set aside extra £11.4bn - Banks in the United Kingdom have been ordered to put aside an extra £11.4bn to deal with any future economic slowdown as part of a major package of new rules designed to stop a lending boom turning into a dangerous bust. Source Punch Read More

Oil prices up 2% on weaker dollar, others - Oil prices rose about two per cent yesterday and hit a one-week high, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States (U.S.) may decline for the third consecutive week. Source THE NATION Read More

Our refinery‘ll transform economy, says Dangote - Dangote Group’s investment in oil and gas will transform the economy from a single commodity market to a sustainable diversified economy, Chief Executive Aliko Dangote has said. Source THE NATION Read More

France to invest €1bn in Nigeria’s oil, gas sector – NNPC - The French Government has said that it has set aside about one billion euros to be invested in the Nigeria oil and gas industry, stating that Nigeria remains her first economic trading partner in Africa. Source Daily Trust Read More

Electricity: Non-payment for gas cuts off 6,482mw - The Nigerian electricity grid dropped by 1,000 megawatts (mw) as generation crashed to 2,982mw in the early hours of Monday, during the Sallah festivity. Source Daily Trust Read More

Energy efficiency policies cut global demand by 11% in 2016 – IEA - Eleven percent of global energy demand was cut last year through policies of many countries geared towards energy efficiency said Fatih Birol, executive director of the Paris based energy think tank, the International Energy Association (IEA). Source BUSINESSDAY Read More

PROSHARE BUSINESSEtisalat not under Investigation, 42% of Original Loan Repaid - The attention of Etisalat Nigeria has been drawn to media reports that the management of Etisalat Nigeria is being investigated by the Economic and Financial Crimes Commission (EFCC), following a petition to “the Federal Government asking that Etisalat be investigated” on how the funds from the syndicated loans were utilized. Source Proshare Read More

South Africa in talks to roll over $695 mln of state airline debt - South Africa's Treasury is in talks with banks to roll over 9 billion rand (545.52 million pounds) in debt due to be paid this month by struggling state airline South African Airways (SAA), a senior official said on Tuesday. Source Reuters Read More

Libya's oil production rises above 900,000 bpd - sources - Libya's oil production stands at about 935,000 barrels per day (bpd) this week after touching as high as 950,000 bpd late last week, Libyan oil sources said on Tuesday. Source Reuters Read More

Zambia's external debt rises to $7.2 billion – finmin - Zambia's external debt stood at $7.2 billion at the end of May, up from $6.86 billion at the end of last year, Finance Minister Felix Mutati said on Tuesday. Source Reuters Read More

IMF Cuts U.S. Outlook, Calls Trump's Growth Target Unlikely - The International Monetary Fund cut its outlook for the U.S. economy, removing assumptions of President Donald Trump’s plans to cut taxes and boost infrastructure spending to spur growth. Source Bloomberg Read More

Canada M&A Hits Decade-High as Foreign Owners Flee Oil Sands - Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments Source Bloomberg Read More

Deutsche Bank Faces Possible $60 Million Derivative Loss - Deutsche Bank AG, the German lender seeking to overhaul how it manages risks, made a bet on U.S. inflation that puts the firm on course to lose as much as $60 million, people familiar with the matter said. Source Bloomberg Read More

Cheapest Fuel Since 2005 Brings U.S. Drivers `Christmas in July' - American drivers are preparing to hit the road this Fourth of July as seasonal gas prices plunge to their lowest in 12 years. Source Bloomberg Read More

New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk - A new cyberattack similar to WannaCry is spreading from Europe to the U.S. and South America, hitting port operators in New York, Rotterdam and Argentina, disrupting government systems in Kiev, and disabling operations at companies including Rosneft PJSC, advertiser WPP Plc. and the Chernobyl nuclear facility. Source Bloomberg Read More

Google Gets Record $2.7 Billion EU Fine for Skewing Searches - Google’s record-breaking 2.4 billion-euro ($2.7 billion) European Union fine could end up being just a fraction of the costs from the EU’s demand that it stop skewing search results to favor its own shopping site. Source Bloomberg Read More

Toshiba Sues Western Digital for 120 Billion Yen - Toshiba Corp. sued Western Digital Corp. in a Japanese court, asking for 120 billion yen ($1 billion) in damages and seeking to stop the U.S. company from interfering in the sale of its chip unit. Source Bloomberg Read More

Facebook now has 2 billion monthly users… and responsibility - “We’re getting to a size where it’s worth really taking a careful look at what are all the things that we can do to make social media the most positive force for good possible,” Facebook Chief Product Officer Chris Cox told TechCrunch about the company’s new milestone. Source TechCrunch Read More